Apartment 172, Clos des Sables, St. Brelade: Transfer of flying freehold and cancellation of lease

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A decision made 13 October 2014:

Decision Reference: MD-PH-2014-0187
Decision Summary Title :	Apartment N° 172, Clos des Sables – Transfer of the Public’s Flying-Freehold Ownership and Cancellation of Existing 99 Year Lease		Date of Decision Summary:	13 October 2014
Decision Summary Author:	Principal Property Manager		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	N/A		Person Giving Oral Report:	N/A
Written Report Title :	N/A		Date of Written Report:	N/A
Written Report Author:	N/A		Written Report : Public or Exempt?	N/A
Subject: Apartment N° 172, Clos des Sables – Transfer of the Public’s Flying-Freehold Ownership and Cancellation of Existing 99 Year Lease PBA 0916-01-002
Decision(s): With reference to the previous decision MD-PH-2014-0172 plus associated documentation and the expiry of 15 working days’ notice to the States of that decision, the Minister approved, as recommended by Jersey Property Holdings, a transaction with the present leaseholders of the above-mentioned apartment to cancel their existing 99 year lease and to transfer to them the Public’s flying freehold interest; in accordance with the approved policy (under MD-PH-2012-0124), and the independent valuation arranged by JPH, for an agreed consideration, plus reasonable costs incurred.
Reason for Decision: The transaction was notified to the States in a report dated 17 September 2014 and at the end of the 15 day period required no comments on the transaction had been received. The Minister therefore decided to conclude the transaction.
Resource Implications: The financial implications of this decision are detailed in the report accompanying MD-PH-2014-0172. There are no manpower implications in respect of this decision. When the transaction is concluded the fixed asset register and States balance sheet will be amended to account for the transaction.
Action required: Under Standing Order 168 (5) the Minister hereby authorised the Attorney General and the Greffier to pass any contract which is required to be passed on behalf of the Public and to copy this decision to the Assistant Minister, Treasurer and Head of Decision Support.
Signature:		Position: Deputy E J Noel * Assistant Minister for Treasury & Resources
Date Signed:		Date of Decision: MD-PH-2014-0187